New IMF staff strategy to manage the long-term risks of COVID-19 – World
Washington D.C.: The International Monetary Fund, in partnership with the Coalition for Epidemic Preparedness Innovations (CEPI), the Global Fund and the Wellcome Trust, today released the working paper “A Global Strategy to Manage the Long-term Risks of COVID-19” , which calls for a more comprehensive and integrated response to the pandemic from the international community. In the joint document, the four global organizations affirm that ending the pandemic everywhere remains an urgent economic, health and moral priority for the world, arguing for the following:
Gita Gopinath, First Deputy Managing Director, IMF:
“It is now clear that COVID-19 is likely to be with us in the long term. Given the many possible scenarios for the evolution of COVID-19 (from mild to severe scenarios) and given the limited resources available to countries, we need a new strategy.
“Countries need a more comprehensive COVID-19 toolkit to fight the pandemic that includes vaccines, tests, treatments – and build the resilience of health systems so they are better placed to fight against them. both against COVID-19 and other deadly diseases in a sustainable, effective way.
“Overall, health security is Economic security. As recently as our January global economic outlook update, we estimated cumulative losses from the pandemic to reach $13.8 trillion. The international community should recognize that its financing of the pandemic responds to a systemic risk to the global economy. Thus, we call for additional funding to fight pandemics and strengthen health systems. This will require about $15 billion in subsidies this year and $10 billion per year thereafter. The cost of inaction – for all of us – is very high. We must act now.
“Together with our partners in the Multilateral Leaders Task Force and with the ACT Accelerator, the IMF stands ready to help countries meet the challenges of the pandemic and meet their financing needs, including through a fund Trustee for Resilience and Sustainability (RST).”
Richard Hatchett, CEO, CEPI:
“In many ways, COVID-19 has shown us the potential of human ingenuity and innovation when we devote energy and resources to fighting a common enemy. It also tragically brought to light a global failure to work multilaterally to ensure equal access to life-saving vaccines.
“Vaccines are, and will continue to be, at the forefront of how modern societies combat infectious disease threats. They are one of our most powerful tools against pandemic risks and will be essential to any future response. But if they are to truly realize their potential in preventing future pandemics, their development must also be accompanied by investments in global surveillance, R&D, manufacturing and health systems.
“During this pandemic, we have seen scientific advances that may well have taken decades to achieve in ‘peacetime’. Now more than ever, the world now has the tools, platforms, concepts and experience to create a system that can respond more effectively to the threat of future viruses.
“A future in which we must respond to the next disease X with new vaccines, treatments and diagnostics in just 100 days is possible, but it will require vision, political will and proportionate financial investment from governments around the world. . We estimate that it will cost the world around $10 billion a year to ensure adequate global pandemic preparedness: this price is considerable, but don’t invest now – and build on the gains made in the COVID response -19 – will lead to loss of life. and economic costs that will reverberate through generations.
Peter Sands, Executive Director, Global Fund:
“The next phase of the fight against COVID-19 will be different. We are engaged in a long fight against a virus that continues to evolve. We must therefore shift to a more sustainable response that recognizes the links between the response to COVID-19, tackling past pandemics of HIV, TB and malaria, and preparing for future pandemic threats. We must increase investments in health systems, intentionally maximizing synergies between existing infectious disease interventions and initiatives to prevent, detect and respond to future infectious disease outbreaks. Stronger and more resilient health systems, including community systems, will enable us to protect everyone, everywhere, from the deadliest infectious diseases.
Jeremy Farrar, Director, Wellcome Trust:
“The past two years have shown that remarkable progress is possible when the world comes together and boldly supports science at scale, across borders. This approach has given us life-saving Covid-19 vaccines and treatments in record time. Now is not the time to calm down – the next move of the virus is anything but certain and the risk of further variants is high. We all desperately want this pandemic to be over. But simply wishing for the most optimistic scenario won’t make it that way.
“We need to focus on developing next-generation vaccines that can block transmission and won’t require endless boosters, strengthen genomic surveillance globally so we can identify and track new variants, and improve the global access to vaccines, treatments and tests. Leaving countries unprotected puts us all at risk.
“Most importantly, the response must be based on international cooperation. Only by working together can leaders achieve a sustainable and sustainable recovery from Covid-19 and prepare for the epidemic and pandemic threats of tomorrow.
IMF Communications Department
PRESS OFFICER: NADYA SABER
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